By Ofeliya Afandiyeva
In 2019, SOCAR (the State Oil Company of the Azerbaijan Republic) exported gas worth $271.7 million, local media reported citing the Cabinet of Ministers.
According to the Cabinet of Minister’s summary report of 2019,the company sold 13 billion cubic meters of natural gas, of which 11.4 billion cubic meters were sold on the domestic market, and the remaining volume was exported.
Some 3.2 billion cubic meters of gas were sold to the population in the domestic market.
In addition, SOCAR sold 207.1 thousand tons of liquefied gas last year, of which 193.2 thousand tons were sold on the domestic market and 13.9 thousand tons were exported.
“In 2019, the company’s revenue was estimated at $922.2 million from gas sales, including $271.7 million from exports,” the statement said.
Moreover, during the reporting year, 2.3 billion cubic meters of gas was pumped into underground gas storage facilities, and the volume of gas reserves in underground gas storage facilities, taking into account the remaining reserves, exceeded 3 billion cubic meters.
Furthermore, the country’s gas supply indicators have improved. In 2019, $96.3 million was allocated from the state budget to SOCAR to implement measures to improve gas supply and drilling in Azerbaijan. As a result of these measures, the level of gasification in the country has reached 96 percent.
In 2019, the oil and gas sector of the industry produced 37.5 million tons of oil and 35.6 billion cubic meters of gas worth $17.1 billion.
“Some 83.1 percent of oil and 84.2 percent of gas fell to the share of enterprises with foreign investment operating in the oil and gas sector. In 2019, 64 percent of investments in the industrial sector fell to the oil and gas sector.
Furthermore, the production of oil products in the country increased by 1.5 percent compared to last year. Revenues from exports of oil products amounted to 384.5 million US dollars.
It is worthy to note that compared to 2003, oil production in 2019 increased more than 2.4 times, and gas production 6.9 times.
“In 2019, the volume of hydrocarbon products produced by SOCAR increased and amounted to 7.7 million tons of oil and 6.8 billion cubic meters of gas, respectively. Compared to 2018, 140.8 thousand tons more oil and 293.0 million cubic meters more gas were produced. 1.4 million tons oil and 1.6 billion cubic meters of natural gas were directed to export. 600,000 tons of export oil was transported through the Heydar Aliyev Baku-Tbilisi-Ceyhan and 800,000 tons via the Baku-Novorossiysk pipelines. Revenues from oil and gas exports totaled $904.6 million,” the report delivered data on SOCAR’s activity last year.
It was also mentioned that Azerbaijan's proven gas reserves are 2.6 trillion cubic meters. Therefore, Azerbaijan will be a reliable supplier of hydrocarbon resources for a very long time.
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